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Investment Fraud

NEWS
November 3, 1989 | HENRY WEINSTEIN, TIMES STAFF WRITER
A federal grand jury in Los Angeles has indicted a stockbroker and an investment manager on charges of bilking $13 million from unwary investors, including a group of nuns in South Dakota and retired postal workers in Missouri. The indictment, unsealed Thursday, accused Daniel Burkhart of Camarillo and Gina Loren of Stateline, Nev., of conspiracy, securities fraud, bank fraud and wire fraud. If convicted, they face a maximum sentence of 150 years in prison and $7.5 million in fines.
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CALIFORNIA | LOCAL
March 2, 1988 | Associated Press
A California man who authorities say masterminded a $1.5-million diamond investment fraud has pleaded guilty to all 25 charges against him and faces a 30-year prison sentence. Frank D'Arelli, 42, of Anaheim Hills entered a plea bargain Monday in U.S. District Court and admitted defrauding investors in Arizona and California over a three-year period. D'Arelli allegedly promised investors a 300% return within a few days if they invested in Belgian diamonds being smuggled through Mexico.
CALIFORNIA | LOCAL
January 9, 1985 | ERIC MALNIC, Times Staff Writer
Joel D. Nelson, the jaunty Hollywood Hills promoter accused of bilking investors out of about $20 million, was sentenced Tuesday to 15 years in federal prison. Nelson, 50, who remained a fugitive for 2 1/2 years before his arrest last June in San Antonio, had pleaded guilty four months ago to five counts of mail fraud in exchange for an agreement that 30 other counts be dropped. U.S. District Judge Consuelo B.
CALIFORNIA | LOCAL
September 4, 1991
A Los Angeles Superior Court jury on Tuesday awarded $19.3 million to four elderly investors who claimed that they were defrauded by Missman-Kaplan & Associates, a Northridge investment firm. Because more than 70 other investors are also eligible for judgments, attorneys estimated that the decision could mean $200 million for investors--most of it for emotional distress.
CALIFORNIA | LOCAL
June 12, 1997
Three men have been indicted on charges ranging from mail fraud to conspiracy in connection with two businesses that attempted to dupe a number of Southern California investors out of their money, federal authorities said. Raffi Arshak Donoyan, 39, and his son, Archie Raffi Donoyan, 19, both of Chatsworth, and Bruce Aaron Becker, 35, also known as Bruce Franklin, most recently of Las Vegas--were indicted June 4 on counts of mail fraud, conspiracy and transport of property obtained by fraud in connection with their clothing businesses, authorities said.
BUSINESS
September 4, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
The leaders of a defunct, Irvine-based investment firm have been charged with defrauding about 700 people of nearly $22 million and spending much of the money on themselves, the U.S. attorney's office said Friday. Four former executives at Cross Financial Services Inc. were arrested Thursday and charged with 46 counts of securities fraud, mail fraud, wire fraud and money laundering, according to Anthony Pacheco, assistant U.S. attorney in Los Angeles.
CALIFORNIA | LOCAL
November 1, 1994
Considering the enormous sums lost, the thousands of victims involved and its admitted wrongdoing, Prudential Securities got too good a deal when the U.S. attorney's office in Manhattan agreed to allow the brokerage to settle criminal charges related to its $8-billion limited partnership investment program. Prudential admitted last week, after three years of denials, that it had committed what is believed to be the largest fraud ever by a single brokerage against small investors.
CALIFORNIA | LOCAL
August 20, 1993 | GREG JOHNSON, TIMES STAFF WRITER
A 40-year-old Newport Beach resident remained in Riverside County Jail on Thursday after his arrest for allegedly bilking Southern California investors out of $10 million in a real estate investment scheme. Richard Carl Huitt, who was arrested at his Newport Beach home on Aug. 13, was being held in lieu of $1 million in bail.
CALIFORNIA | LOCAL
March 30, 1990 | TINA DAUNT, TIMES STAFF WRITER
The business assets of Thousand Oaks entrepreneur Olen B. Phillips, subject of an investigation into one of the largest alleged frauds in the county's history, have been seized on orders from a Los Angeles judge and placed under the authority of a court-appointed attorney.
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